United Kingdom (UK)

In the United Kingdom (U.K.), cryptocurrencies are not considered legal tender. Cryptocurrency exchanges are legal but have to be registered with the Financial Conduct Authority (FCA). In March 2018, the bank of England governor, Mark Carney, declared that he does not believe cryptocurrencies pose risks to financial stability. The U.K. charges capital gains for profits of crypto trading over $14,500. Additionally, income tax is chargeable for business who deal with transactions involving cryptocurrency. However, since the launch of Libra, regulators have stressed the need to accelerate the regulation process in order to better foster innovation.

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